QRG Capital Management Inc. Buys 1,375 Shares of Adobe Inc. (NASDAQ:ADBE)

QRG Capital Management Inc. boosted its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 1.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 72,446 shares of the software company's stock after acquiring an additional 1,375 shares during the period. QRG Capital Management Inc.'s holdings in Adobe were worth $32,215,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. State Street Corp increased its stake in shares of Adobe by 1.2% in the third quarter. State Street Corp now owns 20,270,287 shares of the software company's stock worth $10,495,544,000 after purchasing an additional 234,909 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Adobe by 1.4% in the third quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company's stock worth $5,435,377,000 after purchasing an additional 147,981 shares in the last quarter. FMR LLC increased its stake in shares of Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company's stock worth $5,017,373,000 after purchasing an additional 787,356 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of Adobe by 2.0% in the third quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company's stock worth $2,516,196,000 after purchasing an additional 93,143 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Adobe by 3.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company's stock worth $2,455,079,000 after purchasing an additional 140,390 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on ADBE shares. Royal Bank of Canada reiterated an "outperform" rating and issued a $590.00 target price on shares of Adobe in a research note on Thursday, February 13th. Citigroup dropped their target price on shares of Adobe from $616.00 to $590.00 and set a "neutral" rating for the company in a research report on Monday, December 9th. Oppenheimer dropped their target price on shares of Adobe from $625.00 to $600.00 and set an "outperform" rating for the company in a research report on Thursday, December 12th. BMO Capital Markets dropped their target price on shares of Adobe from $570.00 to $515.00 and set an "outperform" rating for the company in a research report on Wednesday, February 19th. Finally, BNP Paribas upgraded shares of Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 price objective for the company in a report on Wednesday, January 15th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $570.88.

Adobe Trading Up 0.3 %

Adobe stock traded up $1.30 during mid-day trading on Friday, reaching $438.49. 3,936,248 shares of the company traded hands, compared to its average volume of 3,474,121. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm's 50 day moving average price is $439.71 and its 200 day moving average price is $490.59. The firm has a market capitalization of $190.87 billion, a price-to-earnings ratio of 35.36, a P/E/G ratio of 2.15 and a beta of 1.31. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company's quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.52 EPS. On average, analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other Adobe news, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction dated Tuesday, January 28th. The shares were purchased at an average cost of $443.98 per share, with a total value of $998,955.00. Following the transaction, the director now directly owns 4,984 shares of the company's stock, valued at $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Jillian Forusz sold 334 shares of the company's stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is currently owned by company insiders.

Adobe Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.